Reinsurance News
Stable ratings and organic growth for brokers in 2018: S&P
5th March 2018
Standard & Poor's (S&P) Global Ratings has recently released a report that predicts better organic growth and margins for brokers in the coming year, and says ratings for brokers and service providers remain stable. The ratings agency reports that companies have successfully adapted to evolving but overall stable business conditions, and ... Read the full article
AXA to acquire XL Group for $15.3 billion
5th March 2018
French insurance and investment giant AXA has agreed to acquire 100% of Bermudian insurance and reinsurance firm XL Group Ltd. for $15.3 billion (€12.4bn), to be fully paid in cash. The transaction is subject to approval by XL Group shareholders and other customary closing conditions, and is expected to close in the second-half ... Read the full article
AFL appoints new retail team director
5th March 2018
Independent Lloyd's broker AFL Insurance Brokers Ltd has announced that Mike Almond is to be appointed as the new Director of the company’s Corporate Retail team. Almond is an experienced Account Director and, before joining AFL, worked at PMI Health Group, where he established a commercial division. His career also spans ... Read the full article
XL Group rumoured as acquisition target of AXA
4th March 2018
The merger and acquisition rumours continue, with the latest being that Bermudian insurance and reinsurance firm XL Group is targeted as a potential purchase by French insurance and investment giant AXA. The news was first reported by Bloomberg on Saturday, who said that talks between AXA and XL Group are at ... Read the full article
Swiss Re’s Mumenthaler urges fresh solutions to growing protection gap
2nd March 2018
Chief Executive Officer (CEO) of Swiss Re, Christian Mumenthaler, has used his statement in the company’s 2017 financial review to urge reinsurers to address the growing protection gap using innovative solutions. Mumenthaler’s statement draws attention to the US $153 billion deficit in global insurance coverage, and the threat this gap poses ... Read the full article
PIB Group completes acquisition of Lorica Insurance Brokers
2nd March 2018
PIB Group (PIB) has completed the acquisition of Lorica Insurance Brokers, an independent insurance broker focusing on property, casualty, motor fleet and professional lines. Lorica will continue to be led by joint Chief Executive Officers Stefan Puttnam (who leads the Broking and Finance operations), and Carlo Marelli (who oversees the Operations ... Read the full article
Chubb names Benjamin Rowley as senior underwriter of financial lines
2nd March 2018
Chubb has announced the appointment of Benjamin Rowley, who joins from Hiscox, to senior underwriter of financial lines, Chubb Global Markets, with immediate effect. Rowley is a Medical Malpractice specialist with a broad knowledge of Errors and Omissions (E&O) and will be responsible for growing and managing this highly specialised area ... Read the full article
Verisk launches new insurance risk analytics platform
2nd March 2018
Verisk Analytics has announced the launch of a new benchmarking and risk-scoring platform called Energy & Power Intelligence Xchange (EPIX). The data analytics provider claims that the platform will significantly enhance the way insurers can research, assess, and underwrite complex energy risks. EPIX is designed to support the decision-making processes of energy ... Read the full article
A.M. Best responds to influx of mortgage risk with new rating criteria
2nd March 2018
In response to reinsurers expanding appetite for mortgage insurance risks, rating agency A.M. Best has published a new criteria procedure, “Evaluating Mortgage Insurance,” which it says is effective immediately. Following a request for comments process, where the industry was asked for its feedback on the new criteria procedure for mortgage insurance ... Read the full article
Munich Re America appoints new Head of Human Resources
2nd March 2018
Munich Reinsurance America, Inc. has announced that Cheryl Jones is to be appointed as its new Head of Human Resources, and will join the Munich Re America Executive Leadership Team. Jones’ new position will see her responsible for driving efficiency and enhancing employee engagement, retention, and recruitment. She will now report ... Read the full article
Reinsurers’ set for profitability gains in 2018: Moody’s
2nd March 2018
Reinsurers are set for a promising year of increased profitability driven by price increases during annual policy renewals and lower capital levels following 2017's significant underwriting losses. Moody's expects significant catastrophe losses in 2017 to prompt further price increases in 2018, as already seen at the January 1st, 2018 renewals season. Many ... Read the full article
Validus launches new Fintech package policy
2nd March 2018
Validus Specialty Underwriting Services, Inc. has announced the launch of a new comprehensive package policy aimed at private U.S Fintech companies. The policy is designed to address Fintech’s complex risk management needs, which Validus claims have thus far been inadequately served by unsuitable policy forms. Cathy Cossu, Validus Specialty’s Senior Vice President ... Read the full article
AIG announces new Chief Auditor and Global COO, General Insurance
2nd March 2018
American International Group, Inc. (AIG) has named Naohiro Mouri as its new Executive Vice President and Chief Auditor, and Donna DeMaio as Global Chief Operating Officer (COO), General Insurance. Previously, Mouri held the position of Senior Managing Director at Asia Pacific Internal Audit. In his new role he will report to ... Read the full article
Swiss Re Corporate Solutions approved to operate in Mexico
2nd March 2018
Global reinsurer Swiss Re's newly licensed Mexico City branch, Swiss Re Corporate Solutions México Seguros S.A. de C.V., began operations on January 2nd 2018 after receiving formal authorization from local insurance authorities. The Mexico branch will offer multi-line insurance cover to mid-sized and large companies and government entities through agents and ... Read the full article
UAE insurers’ profits surge, reports Moody’s
2nd March 2018
In a recent report, Moody’s Investors Service noted that listed insurance companies in the United Arab Emirates saw a surge in aggregate profits in 2017 due to recently introduced regulatory changes that helped push up prices. 2017 saw the aggregate profit of the 29 listed insurers in the UAE rise 46% ... Read the full article
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